Pearly kings, jellied eels, British bulldogs, David Cameron smiling as he salutes the queen – everyone knows the tourist traps of London.
But there’s a big difference between being a tourist in London and actually living there – especially when it comes to property prices.
Indeed, the capital is more expensive to live in than any other British city.
As reported in national newspaper the Telegraph, London isn’t just the most expensive city in the UK – it’s the priciest in the world.
In October 2014, the nation’s capital surpassed Hong Kong for expensive, high-end property. The city reached a world record of £2,000 per square feet.
And while that might be annoying for the average homeowner, just imagine what a headache it is for a startup business.
A shop for rent in London comes ten-a-dozen, but only the best companies will give you the opportunity to invest in them. So, you’ll have to be prudent with your finances – and know exactly what you want from a building before you sign on the dotted line.
With that in mind, we’ve come up with a few tips that’ll teach you all you need to know when you’re on the London property hunt.
Know your zones
The zones in London ostensibly concern the price tariffs for the underground service. But it can also be a perfect guide for finding a good location in the capital.
Zone one, for example, concerns the central area of London, with its concentration of tourist traps and big business. It’s a vast and pricey area, but the profits you could rake in are huge.
You’ll be performing a balancing act before you let, weighing up price and practicality.
- Do I need to be in a central area?
- Will an influx of tourists improve or harm my business?
- Will I court the right audience in my selected zone?
Beat the competition
You’re not the only business looking for a property in London – there are hundreds, if not thousands, of businesses just like yours, and they’re all fighting for the crown.
More than in any other city, you’ll have to keep tabs on your competition. And that includes the type of property you rent. So, ask yourself these questions:
- Is your workplace as swish as your competition?
- Will it wow your clients or leave them cold?
- Is it too close to other, similar services?
Location isn’t just about reeling in the largest number of customers. Unless you can guarantee that you can cough up the goods better than your competition, stay well away from them.
As you’ve probably figured out by now, London isn’t cheap – so you might need a few friends to help you out.
Combined with the price of London is the continued rise of the internet, leaving high street retailers with an ever -decreasing income. Retailers like Amazon have sucked the life out of many a humble shop, and they’re showing no signs of ceasing.
But look at the continued success of Waterstone’s – they’ve teamed up with coffee chain Costa, allowing customers to sip an Americano while they read a classic.
Take a leaf out of their book. Consider investing in a property that will give you the space to share with other businesses. Ideally, you’ll find another company that will complement yours.
After all, in the big bad city, you’ve got to have some friends.